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First Cut: Third Quarter GDP – Third Estimate sees minimal revision

The third estimate of third quarter GDP put growth at 3.4%, a scant downward revision from the 3.5% in the second and advances estimates. The Bureau of Economic Analysis said, “With this third estimate for the third quarter, personal consumption expenditures (PCE) and exports were revised down, and private inventory investment was revised up; the general picture of economic growth remains the same.”

At this stage, there is little to add. Much of the data for the fourth quarter indicates that growth will be somewhere in the mid-2.0% area. The slowdown has been anticipated after the boost earlier in the year from fiscal stimulus and businesses’ efforts to get ahead of changes in tariff and trade policy.

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